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Small Business and SBA Lending Blog
3 min read
by Jeff Hamann

SBA Loan Requirements: Credit Scores

Is your personal credit good enough to apply for an SBA loan? Understand the requirements to find out if you'd qualify.

In this article:
  1. Credit Scores Required by SBA Loan
  2. SBA 7(a) Credit Score Requirements
  3. SBA 7(a) Express Loans
  4. SBA CAPLines
  5. SBA Export Loans
  6. SBA Microloans
  7. SBA 504 Loans
  8. Related Questions
  9. Get Financing
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If you’re considering applying for an SBA loan, like the SBA 7(a) loan, having good credit is a must. However, not every SBA loan requires a borrower to the same credit score, or range of scores, to be eligible.

In this article, we’ll pick apart the most popular kinds of SBA loans and the credit scores and borrower will likely need to have to get approved.

Credit Scores Required by SBA Loan

Below, you can find a quick reference guide for what credit score is required for each SBA loan type.

SBA loan type

Minimum credit score*

SBA 7(a) loans

615

SBA Express loans

640

SBA CAPLines

660

SBA Export loans

660

SBA Microloans

620

SBA 504 loans

615

Please note that these are not hard requirements, but they generally reflect the overwhelming majority of lenders. There are times when a lender may be willing to work with a business owner with a slightly lower score, but these are exceptions.

SBA 7(a) Credit Score Requirements

SBA 7(a) loans are the most popular kind of SBA guaranteed financing on the market. Lenders typically require borrowers to have a minimum credit score of 615. However, since SBA 7(a) loans can be difficult to qualify for, most borrowers will likely find much greater success if they can boost their credit score a bit higher.

Standard SBA 7(a) loans have a maximum loan amount of $5 million and can be used for both commercial real estate and working capital, making them one of the most flexible kinds of small business loans available.

SBA 7(a) Express Loans

SBA 7(a) Express loans have more stringent credit requirements than standard SBA 7(a) loans, thanks to a lower portion of the loan being backed by the SBA. Usually, lenders will want to see a minimum credit score of 640. Unlike standard 7(a) loans, SBA 7(a) Express loans have a loan limit of $500,000, but they can be approved in a much shorter period of time, making them ideal for businesses that need a quick source of financing.

SBA CAPLines

The SBA CAPLines program, which provides revolving lines of credit to small businesses who need it, generally requires a minimum credit score of 660, a bit higher than the minimum for SBA 7(a) loans. In most cases, CAPLines can be collateralized with unpaid client invoices and other forms of short-term collateral.

SBA Export Loans

SBA Export Loans, which include SBA Export Working Capital Loans provided by the SBA Export Working Capital Program (EWCP), SBA Export Express Loans, and SBA International Trade Loans, also have a minimum credit score requirement of 660.

SBA Microloans

Unlike most other kinds of SBA loans, SBA Microloans have somewhat less stringent credit requirements, with a minimum credit score of between 620-640 typically required. Microloans can be issued in amounts up to $50,000, and, while the credit requirements might be less strict, collateral is still required.

SBA 504 Loans

SBA 504 loans, which are intended for the purchase and construction of owner-occupied commercial real estate (and can’t be used for working capital), often have significantly lower interest rates than SBA 7(a) loans. The minimum credit score requirement of 615 is lower than many other SBA loans because the real estate or equipment is used as collateral for the loan.

Related Questions

What is the minimum credit score required for an SBA loan?

The minimum credit score required for an SBA loan depends on the type of loan. For SBA Microloans, the minimum credit score is typically between 620-640. For SBA 7(a) loans, the minimum credit score is typically 640, but borrowers may find greater success if they can boost their credit score into the 680+ range.

What other factors are considered when applying for an SBA loan?

When applying for an SBA loan, the lender will evaluate your creditworthiness based on a number of factors:

  • You must be able to show that you can pay your business expenses, a draw for yourself and the loan payment the income generated by the business. The lender will ask to see sales records for prior years and cash flow projections.
  • If you are operating a start-up, the lender will have questions about your prior business experience and education to determine that you have the know-how to successfully operate the type of business you wish to start.
  • Business owners need to invest a significant amount of money in their own company before they can seek outside funding. For a startup, the lender will want to see a minimum of $1 of the owner’s money invested in the business for $3 of loan funding. For an established business, the lender is looking for a maximum of $4 of debt to $1 of net worth for the business.
  • The lender will check your personal and business credit histories. You are more likely to be approved if your credit report shows that you have a history of meeting your credit obligations as agreed. If there are any blemishes on your credit reports, be prepared to explain them to the lender in detail.
  • A good credit score - preferably above 680.
  • A history free from recent bankruptcies, foreclosures, or tax liens.
  • Having been in business for at least two years.
  • The ability to provide collateral for loan requests over $25,000.
  • The ability to make a down payment of 10% if your intended use of funds is to purchase a business, commercial real estate, or business-related equipment.
  • Sufficient cash flow to meet your debt obligations.
  • Sufficient working capital (once you subtract liabilities from assets).
  • “Good character” according to the SBA (partially decided based on your track record of managing your resources and day-to-day business affairs).

What are the advantages of an SBA loan over other types of financing?

The SBA Express loan is a great option for business owners who have been denied commercial loans due to their perceived risk. The Small Business Administration (SBA) guarantee to third-party lenders ensures a higher approval rate, and the turnaround time after applying is much faster than other forms of financing. Additionally, SBA loans typically range from $500 to $5.5 million, and can be used for most business purposes, including operating capital and long-term fixed assets. There are also a variety of loan products under the SBA umbrella to choose from, so no matter what the need is, there is likely an SBA guaranteed product that will benefit your business.

For more information, please visit www.sbaexpress.loans/sba-express and www.sbaexpress.loans/blog/what-is-an-sba-loan.

What are the disadvantages of an SBA loan?

SBA loan disadvantages include:

  • Lengthy approval times (for standard SBA 7(a) loans)
  • Lots of documentation
  • Collateral is often required
  • Certain businesses, including real estate investing, lending, gambling, and speculation are prohibited
  • High credit scores are typically required (typically 680+)
  • May be restrictions on supplemental/additional financing
  • They may be difficult to get if you don't have a strong credit history, though this is not a hard requirement.
  • Significant paperwork is required by the SBA.
  • They cannot be used for investment properties.
Source 1 Source 2

What are the different types of SBA loans available?

The Small Business Administration (SBA) guarantees many different types of loans to meet the unique needs of most small business owners. The most widely used loan is the SBA 7(a) loan, but there are other options available. The other types of SBA loans include:

  • SBA 504 Loan Program
  • SBA Microloan Program
  • SBA Disaster Loan Program
  • SBA Express Loan Program
  • SBA Export Loan Program
  • SBA CAP Lines Program
In this article:
  1. Credit Scores Required by SBA Loan
  2. SBA 7(a) Credit Score Requirements
  3. SBA 7(a) Express Loans
  4. SBA CAPLines
  5. SBA Export Loans
  6. SBA Microloans
  7. SBA 504 Loans
  8. Related Questions
  9. Get Financing
Tags
  • SBA 7(a) Loans
  • SBA Loans
  • SBA 7(a)
  • SBA Business Loans
  • SBA 7(a) Credit Score Requirements
  • SBA Credit Requirements
  • SBA 7(a) Eligibility

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